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SHARE-BASED AWARDS (Tables) | 12 Months Ended
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Dec. 31, 2012
SHARE-BASED AWARDS |
Valuation Assumptions | The weighted average grant-date fair values, prior to the Separation, of the options granted during 2012, 2011, and 2010 were $10.74, $8.92, and $6.59, respectively, per option. No options were granted after the Separation, therefore all weighted average assumptions provided in the table below are prior to the Separation:
|  | 2012 |  | 2011 |  | 2010 |
Expected volatility |  | 31.8 | % | 29.2 | % | 28.8 | %
Expected term (in years) |  | 6.1 |  | 6.0 |  | 5.8 |
Risk-free interest rate |  | 1.2 | % | 2.3 | % | 2.7 | %
Dividend yield |  | 2.7 | % | 3.1 | % | 3.8 | %
Stock Option Activity | Activity in the Company’s stock option plans for the year ended December 31, 2012, exclusive of 2.9 million options cancelled in connection with the Separation, was as follows (in thousands, except weighted average exercise price and weighted average contractual life):
|  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |  |  |
|  |  |  |  |  | 1998 |  |  |  | Average |  | Average |  | Aggregate |
|  | 2007 |  | 1998 |  | Director |  | Total |  | Exercise |  | Contractual |  | Intrinsic |
|  | Plan |  | Plan |  | Plan |  | Shares |  | Price |  | Life |  | Value |
Outstanding, January 1, 2012 |  | 1,329 |  | 572 |  | 195 |  | 2,096 |  | $ | 20.11 |  |  |  |  |
Granted |  | 111 |  | — |  | — |  | 111 |  | $ | 23.74 |  |  |  |  |
Exercised |  | (448 | ) | (190 | ) | (49 | ) | (687 | ) | $ | 17.57 |  |  |  |  |
Forfeited and expired |  | (38 | ) | (129 | ) | — |  | (167 | ) | $ | 24.62 |  |  |  |  |
Outstanding, December 31, 2012 |  | 954 |  | 253 |  | 146 |  | 1,353 |  | $ | 21.15 |  | 5.6 |  | $ | 4,794 |
Exercisable, December 31, 2012 |  | 512 |  | 253 |  | 146 |  | 911 |  | $ | 21.40 |  | 4.5 |  | $ | 3,071 |
Non-Vested Restricted Stock Unit Activity | The following table summarizes non-vested restricted stock unit activity through December 31, 2012, exclusive of 0.3 million non-vested restricted stock units cancelled in connection with the Separation, (in thousands, except weighted average grant-date fair value amounts):
|  | 2007 |  |  |
|  | Plan |  | Weighted |
|  | Restricted |  | Average |
|  | Stock |  | Grant-Date |
|  | Units |  | Fair Value |
Outstanding, January 1, 2012 |  | 394 |  | $ | 18.45 |
Granted |  | 226 |  | $ | 17.46 |
Vested |  | (155 | ) | $ | 16.58 |
Canceled |  | (109 | ) | $ | 20.62 |
Outstanding, December 31, 2012 |  | 356 |  | $ | 17.97 |
Summary of Compensation Cost and Other Measures Related to Share-Based Payments | A summary of compensation cost related to share-based payments, exclusive of A&B related compensation prior to the Separation, is as follows (in millions):
|  | 2012 |  | 2011 |  | 2010 |
Share-based expense (net of estimated forfeitures): |  |  |  |  |  |  |
Stock options |  | $ | 0.9 |  | $ | 0.8 |  | $ | 0.7 |
Non-vested stock and restricted stock units |  | 3.1 |  | 1.9 |  | 1.8 |
Total share-based expense |  | $ | 4.0 |  | $ | 2.7 |  | $ | 2.5 |
Total recognized tax benefit |  | (1.6 | ) | (0.9 | ) | (0.8 | )
Share-based expense (net of tax) |  | $ | 2.4 |  | $ | 1.8 |  | $ | 1.7 |
Cash received by Matson upon option exercise |  | $ | 3.5 |  | $ | 2.0 |  | $ | 0.4 |
Intrinsic value of options exercised |  | $ | 5.2 |  | $ | 1.1 |  | $ | 0.2 |
Tax benefit realized upon option exercise |  | $ | 1.5 |  | $ | 0.4 |  | $ | 0.1 |
Fair value of stock vested |  | $ | 3.8 |  | $ | 2.5 |  | $ | 1.2 |

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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